Private sector lender HDFC Bank today said Vijay Merchant ceases to act as an independent director on its board following RBI's guidelines on age for such posts not exceeding 70 years.
As per the Reserve Bank guidelines, recommended by Ganguly Group, the age of an independent or non-executive director of a private sector bank should be between 35 years and 70 years.
"In view of the above, Vijay Merchant an independent director of the bank has relinquished his office as director of the bank at the close of business hours on October 04, 2014 having attained 70 years of his age," the bank said in a BSE filing.
The RBI last month fixed 70 years as the maximum age for a person to hold office of MD & CEO and other Whole Time Director (WTD) in a private bank as stipulated in the new Companies Act.
"It has been decided that the upper age limit for Managing Director & Chief Executive Officers (MD & CEO) and other Whole Time Directors (WTDs) of banks in the private sector should be 70 years," RBI had said.
RBI had said that beyond the age of 70 years nobody should continue in these posts in private sector banks.
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FEDAI Orientation workshop being held
* A five-day Foreign Exchange Dealers Association of India (FEDAI) orientation workshop, being organised by the Federal Bank for bank officers handling forex business in various banks, began at nearby Aluva today.
The workshop was inaugurated by C V George, General Manager, RBI, Kochi.
Speaking on the occasion, he emphasised the importance of Forex knowledge among the officers.
They should update themselves on a regular basis and disseminate the knowledge to fellow bankers. He alluded to the spate of retirements and dearth of talented hands.
The function was presided over by Madhavakumar, General Manager, Federal Bank. Fifty officials from over 15 banks are attending the workshop.
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HDFC Bank launches Twitter handle @HDFCBankNews * Private sector lender HDFC Bank today launched a new Twitter handle to give information about news and other announcements.
"We have launched a new Twitter handle @HDFCBankNews. Created exclusively to bring the latest corporate news on HDFC Bank, this new account will be the single authentic source for HDFC Bank news and announcements on social media," it said in a release.
